(July 10 – 09:20 ET) – Royal Bank has announced plans to offer online account aggregation.
The new service will provide one-stop online account access for clients, allowing them to consolidate financial information from all their accounts at various institutions. RBC is the first bank in Canada to offer a service that integrates account information from rival firms. It will allow customers to track all their various deposit accounts, investments, personal loans, and residential mortgages. Many analysts see this sort of strategy as key to success in the online banking business.
Royal Bank has made a capital investment in CashEdge Inc., the firm that built the system. No terms were disclosed, although RBC says it now owns about 10% of the firm.
The new offering is expected to be available this autumn. Customers will be able to access account overviews, historical transaction details and real time updates. They will also dictate which accounts are included.
“Our online banking users have told us they want choice, convenience and personalization from a source they can trust. Through CashEdge, we will now be able to deliver this power directly to them,” said Shauneen Bruder, senior vice president, North American markets,
“The CashEdge account aggregation service is a significant step in the evolution of Royal Bank’s Internet strategy.”
-IE Staff